Indian Tribal Land Acquisition Program Loan Writedowns, 51988-51990 [E7-18032]
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51988
Federal Register / Vol. 72, No. 176 / Wednesday, September 12, 2007 / Rules and Regulations
§ 301.86–8 Attachment and disposition of
certificates and limited permits.
(a) A certificate or limited permit
required for the interstate movement of
a regulated article must, at all times
during the interstate movement, be:
(1) Attached to the outside of the
container containing the regulated
article; or
(2) Attached to the regulated article
itself if not in a container; or
(3) Attached to the consignee’s copy
of the accompanying waybill. If the
certificate or limited permit is attached
to the consignee’s copy of the waybill,
the regulated article must be sufficiently
described on the certificate or limited
permit and on the waybill to identify
the regulated article.
(b) The certificate or limited permit
for the interstate movement of a
regulated article must be furnished by
the carrier or the carrier’s representative
to the consignee listed on the certificate
or limited permit upon arrival at the
location provided on the certificate or
limited permit.
(Approved by the Office of Management and
Budget under control number 0579–0322)
§ 301.86–9
Authority: 7 U.S.C. 7701–7772 and 7781–
7786; 21 U.S.C. 136 and 136a; 7 CFR 2.22,
2.80, and 371.3.
4. In § 305.2, in the table in paragraph
(g), the entries for ‘‘Automobiles’’ and
‘‘Construction equipment without
cabs’’; the first entry for ‘‘Used farm
equipment with cabs’’; and the entries
for ‘‘Used farm equipment without
cabs’’ and ‘‘Used containers’’ are revised
to read as follows:
§ 305.2
*
equipment
without
Approved treatments.
*
*
(g) * * *
Pest
*
*
Automobiles ...................................
Construction
cabs.
3. The authority citation for 7 CFR
part 305 continues to read as follows:
I
I
Costs and charges.
The services of the inspector during
normal business hours (8 a.m. to 4:30
p.m., Monday through Friday, except
holidays) will be furnished without
cost. APHIS will not be responsible for
any costs or charges incident to
inspections or compliance with the
provisions of the quarantine and
regulations in this subpart, other than
for the services of the inspector.
Article
PART 305—PHYTOSANITARY
TREATMENTS
*
*
Treatment
*
*
*
*
*
Globodera rostochiensis and G. T406–c, steam cleaning: Steam at high pressure until all soil is repallida.
moved. Treated surfaces must be thoroughly wet and heated.
G. rostochiensis and G. pallida ..... SS T–406d.
*
*
Used farm equipment with cabs ....
*
*
*
*
*
G. rostochiensis and G. pallida ..... T406–c, steam cleaning: Steam at high pressure until all soil is removed. Treated surfaces must be thoroughly wet and heated.
*
*
Used farm equipment without cabs
Used containers .............................
*
*
G. rostochiensis and G. pallida ..... SS T–406d.
G. rostochiensis and G. pallida ..... SS T–406d.
*
*
*
*
*
Done in Washington, DC, this 5th day of
September 2007.
Kevin Shea,
Acting Administrator, Animal and Plant
Health Inspection Service.
[FR Doc. E7–17842 Filed 9–11–07; 8:45 am]
BILLING CODE 3410–34–P
DEPARTMENT OF AGRICULTURE
Farm Service Agency
7 CFR Part 770
RIN 0560–AG87
Indian Tribal Land Acquisition
Program Loan Writedowns
*
will not require a market value rent
study where the land is actually rented.
The actual rents received shall be used
to determine the rental value of the
property for write-down purposes.
DATES:
Effective Date: October 12, 2007.
Mel
Thompson, Senior Loan Officer, Farm
Service Agency; telephone: 202–720–
7862; Facsimile: 202–690–1196; E-mail:
mel_thompson@wdc.usda.gov. Persons
with disabilities who require alternative
means for communication (Braille, large
print, audio tape, etc.) should contact
the USDA Target Center at (202) 720–
2600 (voice and TDD).
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION:
AGENCY:
Discussion of the Final Rule
This rule revises the Farm
Service Agency (FSA) Indian Tribal
Land Acquisition Program (ITLAP)
regulations as required by the Native
American Technical Corrections Act of
2006. The regulations pertaining to
rental value write-down of ITLAP loans
This rule revises the write-down
servicing regulations of the Farm
Service Agency’s (FSA) Indian Tribal
Land Acquisition Loan Program (ITLAP)
to comply with section 203 of the Native
American Technical Corrections Act of
2006, Public Law 109–221 (25 U.S.C.
494a) (‘‘NATCA’’).
Farm Service Agency, USDA.
ACTION: Final rule.
jlentini on PROD1PC65 with RULES
SUMMARY:
VerDate Aug<31>2005
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*
*
A. Background
ITLAP loans assist Native American
tribes or tribal corporations with the
acquisition of land interests within the
tribal reservation or in an Alaskan
community as set out in 7 CFR part 770.
Loan funds may be used to acquire land,
land interests and appurtenances which
will be used for the benefit of the tribe
or its members, pay costs for loan
closing, and refinance non-USDA debts
the applicant incurred to purchase the
land in certain situations. During the
life of the ITLAP loan the borrower has
a number of servicing options available
based on changes in their loan status.
The servicing options available depend
on each borrower’s circumstances and
can include reamortization,
consolidation, interest rate reduction,
deferral, land exchanges, debt
writedown, release of reserve accounts,
or a combination thereof.
B. Writedown Requirements
Under 7 CFR 770.10(e) the Agency
may reduce the unpaid principal and
interest on an ITLAP loan based, in part,
on the land sale value or rental value of
E:\FR\FM\12SER1.SGM
12SER1
Federal Register / Vol. 72, No. 176 / Wednesday, September 12, 2007 / Rules and Regulations
the ITLAP property. The option used is
as requested by the borrower or, if it
requests both, the write-down is based
on which option provides the greatest
debt reduction. To be eligible for either
writedown option the borrower must be
in a persistent poverty county, have a
per capita income for individual
enrolled tribal members of less than 50
percent of the Federal poverty income
rate, and have a tribal unemployment
rate in excess of 50 percent.
In a rental value write-down, FSA
reduces the unpaid principal and
interest on the loan approved for the
writedown so that the annual loan
payment for the remaining term of each
loan equals the average of annual rental
value of the land purchased with the
loan. The rental value writedown option
was provided along with a few other
changes to ITLAP regulations in a final
rule published on February 11, 2005 (70
FR 7165). For determining the value of
the property, that rule replaced the
requirement for a full appraisal (i.e.,
combining comparable sales, income,
and cost approaches) with a
requirement for a study of the rental
income of properties similar to and near
the land purchased with ITLAP funds.
See 7 CFR 770.2 and 770.10(e)(4).
calculating the amount of debt to be
forgiven by rental value write-down.
C. Changes Required by the NATCA
Notice and Comment
The notice and comment provisions
of 5 U.S.C. 553 and the Statement of
Policy of the Secretary of Agriculture
effective July 24, 1971, (36 FR 13804),
relating to notices of proposed
rulemaking and public participation in
rulemaking, provide that certain rules
may go forward without public notice
and comment when they are in the
public interest. This regulation adopts
changes mandated in the NATCA
Section 203. Accordingly, this rule is
published without requesting public
comment and will be effective 30 days
after publication in the Federal
Register.
Section 203 of the NATCA (effective
May 12, 2006) provides:
jlentini on PROD1PC65 with RULES
Notwithstanding any other provision of
law, any actual rental proceeds from the lease
of land acquired under * * * [ITLAP
program authority] (25 U.S.C. 488) certified
by the Secretary of the Interior shall be
deemed—
(1) To constitute the rental value of that
land; and
(2) To satisfy the requirement for appraisal
of that land.
Thus, this rule amends the definition
of ‘‘rental value’’, as it pertains to
ITLAP, to provide that actual rents
received will be used to determine the
average rental value and the amount of
write-down, rather than market rent, in
accordance with the statute. Five years
of data will be requested and yield the
most reliable average, but the Agency
will accept fewer years data if that is all
that is available. If no actual rents have
been received, then the borrower must
provide a 5-year market value rent
study. The economic and other effects of
this change are difficult to estimate;
however, it likely will reduce the
borrower’s costs, eliminate the time
required to complete an appraisal, and
reduce FSA’s application processing
time. On the other hand, the
administrative costs to the Government
will likely increase due to the change in
VerDate Aug<31>2005
16:11 Sep 11, 2007
Jkt 211001
D. Summary of Economic Impacts
Under the new write-down rules
required under Section 203 of the
NATCA, ITLAP borrowers will be able
to use a 5-year average of actual rental
income received on the land purchased
with the ITLAP loan to determine any
write-down amount requested. This
provision increases the likelihood that
principal and accrued interest writedowns will occur in the program and
that higher ITLAP loan subsidy rates
will follow. FSA estimates that a total of
3 current ITLAP borrowers will meet the
new write-down criteria and the
estimated costs of this rule are based
upon the assumption that all 3
borrowers are likely to take advantage of
the lower standards imposed by
NATCA. These 3 borrowers owe
approximately $20 million on loans that
originally totaled $31 million. FSA
estimates the taxpayer costs will
increase by as much as $5 million as a
result of write-downs to these 3
borrowers. Furthermore, future taxpayer
costs are expected to increase slightly as
a result of higher subsidy costs resulting
from higher loan losses.
Executive Order 12866
This rule has been determined under
Executive Order 12866 to be significant
and was reviewed by the Office of
Management and Budget.
Regulatory Flexibility Act
In accordance with the Regulatory
Flexibility Act (RFA), 5 U.S.C. 601, the
Agency has determined that there will
be no significant economic impact on a
substantial number of small entities.
There are currently 24 ITLAP borrowers
with 105 loans totaling $52 million.
However, only about four are likely to
be affected by this rule. The RFA
requires agencies to consider the impact
of their regulatory proposals on small
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Frm 00015
Fmt 4700
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51989
entities, minimize small entity impacts,
and provide their analyses for public
comment. This rule affects Indian
Tribes, and such Tribes are not small
businesses as defined by and subject to
the Regulatory Flexibility Act.
Nevertheless, this rule provides a
substantial reduction in cost to Tribes
applying for debt write-down. Thus, to
the extent an Indian Tribe may be
affected by this rule, there are no
negative impacts.
Environmental Evaluation
The environmental impacts of this
rule have been considered consistent
with the provisions of the National
Environmental Policy Act of 1969
(NEPA), 42 U.S.C. 4321 et seq., the
regulations of the Council on
Environmental Quality (40 CFR parts
1500–1508), and the FSA regulations for
compliance with NEPA, 7 CFR part
1940, subpart G. FSA has determined
that this rule will not have a significant
impact on the human or natural
environment and therefore requires no
further environmental review.
Executive Order 12988
This rule has been reviewed in
accordance with E.O. 12988, Civil
Justice Reform. In accordance with that
Executive Order: (1) All State and local
laws and regulations that are in conflict
with this rule will be preempted; (2) no
retroactive effect will be given to this
rule; and (3) administrative proceedings
in accordance with 7 CFR parts 11 and
780 must be exhausted before requesting
judicial review.
Executive Order 12372
As stated in the Notice related to 7
CFR part 3015, subpart V (48 FR 29115,
June 24, 1983) the programs and
activities within this rule do not require
consultation with state and local
officials under the scope of Executive
Order 12372.
Unfunded Mandates
Title II of the Unfunded Mandates
Reform Act of 1995 (UMRA), Public
Law 104–4, requires Federal agencies to
assess the effects of their regulatory
actions on state, local, and tribal
governments or the private sector of
expenditures of $100 million or more in
any one year. This rule contains no
Federal mandates, as defined by title II
of the UMRA; therefore, this rule is not
subject to sections 202 and 205 of the
UMRA.
Executive Order 13132
The policies contained in this rule do
not have any substantial direct effect on
states, on the relationship between the
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12SER1
51990
Federal Register / Vol. 72, No. 176 / Wednesday, September 12, 2007 / Rules and Regulations
national government and the states, or
on the distribution of power and
responsibilities among the various
levels of government. Nor does this rule
impose substantial direct compliance
costs on state and local governments.
Paperwork Reduction Act
The information collections were
previously approved under OMB
control number 0560–0198, but the
package was retired since there are less
than ten respondents annually and the
collections are, therefore, not subject to
the Paperwork Burden Act. The number
of estimated annual respondents is not
increased by this rule.
years, which identifies the average
annual rental value based on the market
data. The market value rent study report
must be prepared by a certified general
appraiser and meet the requirements of
USPAP.
*
*
*
*
*
Signed in Washington, DC, on September
6, 2007.
Teresa C. Lasseter,
Administrator, Farm Service Agency.
[FR Doc. E7–18032 Filed 9–11–07; 8:45 am]
BILLING CODE 3410–05–P
DEPARTMENT OF AGRICULTURE
Federal Assistance Program
The changes affect the following
program listed in the Catalog of Federal
Domestic Assistance: 10.421—Indian
Tribes and Tribal Corporation Loans.
Agricultural Marketing Service
List of Subjects in 7 CFR Part 770
Agriculture, Credit, Indians, Rural
areas, Loan programs.
I Accordingly, for the reasons stated in
the preamble, 7 CFR part 770 is
amended as follows:
Almonds Grown in California; Change
in Requirements for Interhandler
Transfers of Almonds
PART 770—INDIAN TRIBAL LAND
ACQUISITION LOANS
1. The authority citation for part 770
is revised to read as follows:
I
Authority: 5 U.S.C. 301, 25 U.S.C. 488.
2. Amend § 770.2 by revising the
definition of ‘‘rental value’’ in paragraph
(b) to read as follows:
I
§ 770.2
Abbreviations and definitions.
*
*
*
*
*
(b) * * *
Rental value for the purpose of rental
value write-downs, equals the average
actual rental proceeds received from the
lease of land acquired under ITLAP. If
there are no rental proceeds, then rental
value will be based on market data
according to § 770.10(e)(4).
*
*
*
*
*
I 3. Amend § 770.10 by revising
paragraph (e)(4)(iii) to read as follows:
§ 770.10
Servicing.
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*
*
*
*
*
(e) * * *
(4) * * *
(iii) The borrower provides a record of
any actual rents received for the land for
the preceding 5 years, which will be
used to calculate the average rental
value. This record must be certified by
the Department of the Interior. For land
that has not been leased or has not
received any rental income, the
borrower must provide a market value
rent study report for the preceding 5
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16:11 Sep 11, 2007
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7 CFR Part 981
[Docket No. AMS–FV–07–0051; FV07–981–
2 FR]
Agricultural Marketing Service,
USDA.
ACTION: Final rule.
AGENCY:
SUMMARY: This rule revises the
requirements for interhandler transfers
of almonds under the administrative
rules and regulations of the California
almond marketing order (order). The
order regulates the handling of almonds
grown in California and is administered
locally by the Almond Board of
California (Board). This rule requires
handlers who transfer almonds to other
handlers to report to the Board whether
or not the almonds were treated to
achieve a 4-log reduction in Salmonella
bacteria (Salmonella). This action will
help the Board track treated and
untreated almonds and facilitate
administration of its mandatory
Salmonella treatment program.
DATES: Effective Date: September 13,
2007.
FOR FURTHER INFORMATION CONTACT:
Maureen T. Pello, Assistant Regional
Manager, or Kurt J. Kimmel, Regional
Manager, California Marketing Field
Office, Marketing Order Administration
Branch, Fruit and Vegetable Programs,
AMS, USDA, Telephone: (559) 487–
5901, Fax: (559) 487–5906, or E-mail:
Maureen.Pello@usda.gov, or
Kurt.Kimmel@usda.gov.
Small businesses may request
information on complying with this
regulation by contacting Jay Guerber,
Marketing Order Administration
Branch, Fruit and Vegetable Programs,
AMS, USDA, 1400 Independence
Avenue, SW., STOP 0237, Washington,
PO 00000
Frm 00016
Fmt 4700
Sfmt 4700
DC 20250–0237; Telephone: (202) 720–
2491, Fax: (202) 720–8938, or E-mail:
Jay.Guerber@usda.gov.
This final
rule is issued under Marketing Order
No. 981, as amended (7 CFR part 981),
regulating the handling of almonds
grown in California, hereinafter referred
to as the ‘‘order.’’ The order is effective
under the Agricultural Marketing
Agreement Act of 1937, as amended (7
U.S.C. 601–674), hereinafter referred to
as the ‘‘Act.’’
The Department of Agriculture
(USDA) is issuing this rule in
conformance with Executive Order
12866.
This final rule has been reviewed
under Executive Order 12988, Civil
Justice Reform. This rule is not intended
to have retroactive effect. This final rule
will not preempt any State or local laws,
regulations, or policies, unless they
present an irreconcilable conflict with
this rule.
The Act provides that administrative
proceedings must be exhausted before
parties may file suit in court. Under
section 608c(15)(A) of the Act, any
handler subject to an order may file
with USDA a petition stating that the
order, any provision of the order, or any
obligation imposed in connection with
the order is not in accordance with law
and request a modification of the order
or to be exempted therefrom. A handler
is afforded the opportunity for a hearing
on the petition. After the hearing, USDA
would rule on the petition. The Act
provides that the district court of the
United States in any district in which
the handler is an inhabitant, or has his
or her principal place of business, has
jurisdiction to review USDA’s ruling on
the petition, provided an action is filed
not later than 20 days after the date of
the entry of the ruling.
This final rule revises the
requirements for interhandler transfers
of almonds under the administrative
rules and regulations of the order. This
rule require handlers who transfer
almonds to other handlers to report to
the Board whether or not the almonds
were treated to achieve a 4-log reduction
in Salmonella. A mandatory treatment
program to reduce the potential for
Salmonella in almonds took effect in
September 2007. This action will enable
the Board to track treated and untreated
almonds and help facilitate
administration of its mandatory
treatment program. This action was
unanimously recommended by the
Board at a meeting on March 28, 2007.
Section 981.55 of the order provides
authority for handlers to, upon notice to
and under supervision of the Board,
SUPPLEMENTARY INFORMATION:
E:\FR\FM\12SER1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 176 (Wednesday, September 12, 2007)]
[Rules and Regulations]
[Pages 51988-51990]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-18032]
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Farm Service Agency
7 CFR Part 770
RIN 0560-AG87
Indian Tribal Land Acquisition Program Loan Writedowns
AGENCY: Farm Service Agency, USDA.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: This rule revises the Farm Service Agency (FSA) Indian Tribal
Land Acquisition Program (ITLAP) regulations as required by the Native
American Technical Corrections Act of 2006. The regulations pertaining
to rental value write-down of ITLAP loans will not require a market
value rent study where the land is actually rented. The actual rents
received shall be used to determine the rental value of the property
for write-down purposes.
DATES: Effective Date: October 12, 2007.
FOR FURTHER INFORMATION CONTACT: Mel Thompson, Senior Loan Officer,
Farm Service Agency; telephone: 202-720-7862; Facsimile: 202-690-1196;
E-mail: mel_thompson@wdc.usda.gov. Persons with disabilities who
require alternative means for communication (Braille, large print,
audio tape, etc.) should contact the USDA Target Center at (202) 720-
2600 (voice and TDD).
SUPPLEMENTARY INFORMATION:
Discussion of the Final Rule
This rule revises the write-down servicing regulations of the Farm
Service Agency's (FSA) Indian Tribal Land Acquisition Loan Program
(ITLAP) to comply with section 203 of the Native American Technical
Corrections Act of 2006, Public Law 109-221 (25 U.S.C. 494a)
(``NATCA'').
A. Background
ITLAP loans assist Native American tribes or tribal corporations
with the acquisition of land interests within the tribal reservation or
in an Alaskan community as set out in 7 CFR part 770. Loan funds may be
used to acquire land, land interests and appurtenances which will be
used for the benefit of the tribe or its members, pay costs for loan
closing, and refinance non-USDA debts the applicant incurred to
purchase the land in certain situations. During the life of the ITLAP
loan the borrower has a number of servicing options available based on
changes in their loan status. The servicing options available depend on
each borrower's circumstances and can include reamortization,
consolidation, interest rate reduction, deferral, land exchanges, debt
writedown, release of reserve accounts, or a combination thereof.
B. Writedown Requirements
Under 7 CFR 770.10(e) the Agency may reduce the unpaid principal
and interest on an ITLAP loan based, in part, on the land sale value or
rental value of
[[Page 51989]]
the ITLAP property. The option used is as requested by the borrower or,
if it requests both, the write-down is based on which option provides
the greatest debt reduction. To be eligible for either writedown option
the borrower must be in a persistent poverty county, have a per capita
income for individual enrolled tribal members of less than 50 percent
of the Federal poverty income rate, and have a tribal unemployment rate
in excess of 50 percent.
In a rental value write-down, FSA reduces the unpaid principal and
interest on the loan approved for the writedown so that the annual loan
payment for the remaining term of each loan equals the average of
annual rental value of the land purchased with the loan. The rental
value writedown option was provided along with a few other changes to
ITLAP regulations in a final rule published on February 11, 2005 (70 FR
7165). For determining the value of the property, that rule replaced
the requirement for a full appraisal (i.e., combining comparable sales,
income, and cost approaches) with a requirement for a study of the
rental income of properties similar to and near the land purchased with
ITLAP funds. See 7 CFR 770.2 and 770.10(e)(4).
C. Changes Required by the NATCA
Section 203 of the NATCA (effective May 12, 2006) provides:
Notwithstanding any other provision of law, any actual rental
proceeds from the lease of land acquired under * * * [ITLAP program
authority] (25 U.S.C. 488) certified by the Secretary of the
Interior shall be deemed--
(1) To constitute the rental value of that land; and
(2) To satisfy the requirement for appraisal of that land.
Thus, this rule amends the definition of ``rental value'', as it
pertains to ITLAP, to provide that actual rents received will be used
to determine the average rental value and the amount of write-down,
rather than market rent, in accordance with the statute. Five years of
data will be requested and yield the most reliable average, but the
Agency will accept fewer years data if that is all that is available.
If no actual rents have been received, then the borrower must provide a
5-year market value rent study. The economic and other effects of this
change are difficult to estimate; however, it likely will reduce the
borrower's costs, eliminate the time required to complete an appraisal,
and reduce FSA's application processing time. On the other hand, the
administrative costs to the Government will likely increase due to the
change in calculating the amount of debt to be forgiven by rental value
write-down.
D. Summary of Economic Impacts
Under the new write-down rules required under Section 203 of the
NATCA, ITLAP borrowers will be able to use a 5-year average of actual
rental income received on the land purchased with the ITLAP loan to
determine any write-down amount requested. This provision increases the
likelihood that principal and accrued interest write-downs will occur
in the program and that higher ITLAP loan subsidy rates will follow.
FSA estimates that a total of 3 current ITLAP borrowers will meet the
new write-down criteria and the estimated costs of this rule are based
upon the assumption that all 3 borrowers are likely to take advantage
of the lower standards imposed by NATCA. These 3 borrowers owe
approximately $20 million on loans that originally totaled $31 million.
FSA estimates the taxpayer costs will increase by as much as $5 million
as a result of write-downs to these 3 borrowers. Furthermore, future
taxpayer costs are expected to increase slightly as a result of higher
subsidy costs resulting from higher loan losses.
Notice and Comment
The notice and comment provisions of 5 U.S.C. 553 and the Statement
of Policy of the Secretary of Agriculture effective July 24, 1971, (36
FR 13804), relating to notices of proposed rulemaking and public
participation in rulemaking, provide that certain rules may go forward
without public notice and comment when they are in the public interest.
This regulation adopts changes mandated in the NATCA Section 203.
Accordingly, this rule is published without requesting public comment
and will be effective 30 days after publication in the Federal
Register.
Executive Order 12866
This rule has been determined under Executive Order 12866 to be
significant and was reviewed by the Office of Management and Budget.
Regulatory Flexibility Act
In accordance with the Regulatory Flexibility Act (RFA), 5 U.S.C.
601, the Agency has determined that there will be no significant
economic impact on a substantial number of small entities. There are
currently 24 ITLAP borrowers with 105 loans totaling $52 million.
However, only about four are likely to be affected by this rule. The
RFA requires agencies to consider the impact of their regulatory
proposals on small entities, minimize small entity impacts, and provide
their analyses for public comment. This rule affects Indian Tribes, and
such Tribes are not small businesses as defined by and subject to the
Regulatory Flexibility Act. Nevertheless, this rule provides a
substantial reduction in cost to Tribes applying for debt write-down.
Thus, to the extent an Indian Tribe may be affected by this rule, there
are no negative impacts.
Environmental Evaluation
The environmental impacts of this rule have been considered
consistent with the provisions of the National Environmental Policy Act
of 1969 (NEPA), 42 U.S.C. 4321 et seq., the regulations of the Council
on Environmental Quality (40 CFR parts 1500-1508), and the FSA
regulations for compliance with NEPA, 7 CFR part 1940, subpart G. FSA
has determined that this rule will not have a significant impact on the
human or natural environment and therefore requires no further
environmental review.
Executive Order 12988
This rule has been reviewed in accordance with E.O. 12988, Civil
Justice Reform. In accordance with that Executive Order: (1) All State
and local laws and regulations that are in conflict with this rule will
be preempted; (2) no retroactive effect will be given to this rule; and
(3) administrative proceedings in accordance with 7 CFR parts 11 and
780 must be exhausted before requesting judicial review.
Executive Order 12372
As stated in the Notice related to 7 CFR part 3015, subpart V (48
FR 29115, June 24, 1983) the programs and activities within this rule
do not require consultation with state and local officials under the
scope of Executive Order 12372.
Unfunded Mandates
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA), Public
Law 104-4, requires Federal agencies to assess the effects of their
regulatory actions on state, local, and tribal governments or the
private sector of expenditures of $100 million or more in any one year.
This rule contains no Federal mandates, as defined by title II of the
UMRA; therefore, this rule is not subject to sections 202 and 205 of
the UMRA.
Executive Order 13132
The policies contained in this rule do not have any substantial
direct effect on states, on the relationship between the
[[Page 51990]]
national government and the states, or on the distribution of power and
responsibilities among the various levels of government. Nor does this
rule impose substantial direct compliance costs on state and local
governments.
Paperwork Reduction Act
The information collections were previously approved under OMB
control number 0560-0198, but the package was retired since there are
less than ten respondents annually and the collections are, therefore,
not subject to the Paperwork Burden Act. The number of estimated annual
respondents is not increased by this rule.
Federal Assistance Program
The changes affect the following program listed in the Catalog of
Federal Domestic Assistance: 10.421--Indian Tribes and Tribal
Corporation Loans.
List of Subjects in 7 CFR Part 770
Agriculture, Credit, Indians, Rural areas, Loan programs.
0
Accordingly, for the reasons stated in the preamble, 7 CFR part 770 is
amended as follows:
PART 770--INDIAN TRIBAL LAND ACQUISITION LOANS
0
1. The authority citation for part 770 is revised to read as follows:
Authority: 5 U.S.C. 301, 25 U.S.C. 488.
0
2. Amend Sec. 770.2 by revising the definition of ``rental value'' in
paragraph (b) to read as follows:
Sec. 770.2 Abbreviations and definitions.
* * * * *
(b) * * *
Rental value for the purpose of rental value write-downs, equals
the average actual rental proceeds received from the lease of land
acquired under ITLAP. If there are no rental proceeds, then rental
value will be based on market data according to Sec. 770.10(e)(4).
* * * * *
0
3. Amend Sec. 770.10 by revising paragraph (e)(4)(iii) to read as
follows:
Sec. 770.10 Servicing.
* * * * *
(e) * * *
(4) * * *
(iii) The borrower provides a record of any actual rents received
for the land for the preceding 5 years, which will be used to calculate
the average rental value. This record must be certified by the
Department of the Interior. For land that has not been leased or has
not received any rental income, the borrower must provide a market
value rent study report for the preceding 5 years, which identifies the
average annual rental value based on the market data. The market value
rent study report must be prepared by a certified general appraiser and
meet the requirements of USPAP.
* * * * *
Signed in Washington, DC, on September 6, 2007.
Teresa C. Lasseter,
Administrator, Farm Service Agency.
[FR Doc. E7-18032 Filed 9-11-07; 8:45 am]
BILLING CODE 3410-05-P
